Transfer and Recording of Consumer Debt

Description

Consumer debt, particularly past-due consumer credit-card debt, is frequently sold by the original creditor to other entities that specialize in debt collection. The Office of the Comptroller of the Currency in 2013 issued a “Best Practices” document that expressed concern about safety, soundness and consumer protection issues involved with such sales of consumer debt, and some have proposed the creation of a national debt registry, or multiple registries, that would track title to consumer debt that has been transferred. This study committee will study the need for and feasibility of state legislation on the transfer and recording of consumer debt and will also investigate the viability of a registration system to record transfers of consumer debt.